Kazakhstan Tenge Weakens 1.9% in September as National Bank Plans Currency Sales
The tenge currency in Kazakhstan weakened by 1.9% by the end of September, reaching 549.07 tenge per US bank dollar. This change comes amidst various currency-related activities and announcements from the National Bank.
In September, the volume of currency revenue sales by quasi-governmental entities reached approximately $378 million, adhering to the mandatory sale norm. Meanwhile, the National Bank of Kazakhstan is working on a concept for creating a state digital asset fund, with plans to complete it by the end of July 2025.
Sales of currency from the National Fund in September totaled $500 million, while the National Bank refrained from conducting currency interventions during the month. Looking ahead, mirroring operations in the fourth quarter are planned to sell foreign currency worth 1.4 trillion tenge.
The total trading volume in September amounted to $5.2 billion, with the average daily trading volume on the Kazakhstan Stock Exchange increasing from $217 million to $248 million. The National Bank sterilized 290 billion tenge in September, with the share of National Fund sales being 9.6% of the total trading volume, approximately $24 million per day.
The National Bank anticipates selling currency from the National Fund in October, with the amount expected to range between $600 to $700 million. These currency sales and related activities reflect the ongoing management and regulation of the Kazakhstani currency market.
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